Part A (16 marks) Orange Mobile is a company selling mobile phones (i.e. merchandise). The company uses perpetual Required: 1. Prepare journal entries for the above merchandising transactions of Orange Mobile. (Explanation is NOT required). (14 marks) 2. Determine the amounts of net sales and gross profit for the month of October. (Show calculation process). (2 marks) Part B (4 marks) 1. Briefly explain the difference between perpetual inventory system and periodic inventory system in keeping of inventory and cost of goods sold. (2 marks) 2. Apple Beijing bought $100,000 merchandise from Fujicon Shenzhen under FOB shipping point term. The merchandise was delivered from Fujicon to Apple by EMS. On the way to Beijing, the merchandise was destroyed totally in a traffic accident at G45 national highway. Does Apple Beijing require to pay Fujicon $100,000 for the merchandise? Briefly explain. (2 marks)